Federal Deposit Insurance Corp. v. Haupt

LAVORATO, Justice.

Any agreement that would otherwise defeat the rights of the Federal Deposit Insurance Corporation (FDIC) in any asset it obtains from a failed bank is invalid unless certain requirements are met. See 12 U.S.C. § 1823(e) (1982). The district court sustained the FDIC’s motion for summary judgment in an action on a guaranty of several notes the FDIC acquired from a failed bank. When the guaranty was signed, the bank orally agreed with the guarantor that the guaranty would last only until the maker secured financing to pay off the notes. When the bank failed, the purpose of the…